Selected Stock Transactions

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $125 par (50,000 shares authorized, 25,000 shares issued)	$3,125,000
Paid-In Capital in Excess of ParPreferred Stock	500,000
Common Stock, $25 par (700,000 shares authorized, 220,000 shares issued)	5,500,000
Paid-In Capital in Excess of ParCommon Stock	720,000
Retained Earnings	20,871,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

Issued 70,000 shares of common stock at $30, receiving cash.

Issued 13,000 shares of preferred 2% stock at $138.

Purchased 42,000 shares of treasury common for $27 per share.

Sold 21,000 shares of treasury common for $30 per share.

Sold 14,000 shares of treasury common for $25 per share.

Declared cash dividends of $2.50 per share on preferred stock and $0.08 per share on common stock.

Paid the cash dividends.

Common Stock, $25 par (700,000 shares authorized, 220,000 shares issued)	5,500,000

Required: Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Issued 70,000 shares of common stock at $30, receiving cash. b. Issued 13,000 shares of preferred 2% stock at $138. c. Purchased 42,000 shares of treasury common for $27 per share.. d. Sold 21,000 shares of treasury common for $30 per share. e. Sold 14,000 shares of treasury common for $25 per share. f. Declared cash dividends of $2.5 per share on preferred stock and $0.08 per share on common stock. g. Paid the cash dividends